X03G.DE vs. CBUS.DE

Last updated Jun 5, 2026

X03G.DE (Xtrackers II Germany Government Bond UCITS ETF) and CBUS.DE (iShares Core UK Gilts UCITS ETF (EUR Hedged) Dist) are both European Government Bonds funds - X03G.DE tracks the iBoxx® EUR Germany while CBUS.DE tracks the FTSE Actuaries UK Conventional Gilts All Stocks (EUR Hedged). Both are passively managed. Over the past 3 years, X03G.DE returned 0.86%/yr vs 0.65%/yr for CBUS.DE. A 0.74 correlation means they provide meaningful diversification when combined. X03G.DE charges 0.15%/yr vs 0.09%/yr for CBUS.DE.

Performance

X03G.DE vs. CBUS.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) and iShares Core UK Gilts UCITS ETF (EUR Hedged) Dist (CBUS.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, X03G.DE achieves a -0.04% return, which is significantly higher than CBUS.DE's -1.94% return.

X03G.DE

• 1D: 0.11%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.24%
• 1Y: -0.95%
• 3Y*: 0.86%
• 5Y*: -3.03%
• 10Y*: -1.28%

CBUS.DE

• 1D: 0.20%
• 1M: 0.46%
• YTD: -1.94%
• 6M: -1.87%
• 1Y: 0.16%
• 3Y*: 0.65%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

X03G.DE vs. CBUS.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
X03G.DE Xtrackers II Germany Government Bond UCITS ETF	-0.04%	-1.48%	0.14%	5.23%	-2.19%
CBUS.DE iShares Core UK Gilts UCITS ETF (EUR Hedged) Dist	-1.94%	3.15%	-5.02%	2.14%	5.57%

Correlation

The correlation between X03G.DE and CBUS.DE is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 10, 2022	0.74

The correlation between X03G.DE and CBUS.DE has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

X03G.DE vs. CBUS.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

X03G.DE

X03G.DE Risk / Return Rank: 5
X03G.DE Sharpe Ratio Rank: 6
X03G.DE Sortino Ratio Rank: 5
X03G.DE Omega Ratio Rank: 5
X03G.DE Calmar Ratio Rank: 5
X03G.DE Martin Ratio Rank: 4

CBUS.DE

CBUS.DE Risk / Return Rank: 9
CBUS.DE Sharpe Ratio Rank: 9
CBUS.DE Sortino Ratio Rank: 8
CBUS.DE Omega Ratio Rank: 8
CBUS.DE Calmar Ratio Rank: 9
CBUS.DE Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

X03G.DE vs. CBUS.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) and iShares Core UK Gilts UCITS ETF (EUR Hedged) Dist (CBUS.DE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	X03G.DE	CBUS.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	0.01	-0.39
Sortino ratio: Return per unit of downside risk	-0.50	0.06	-0.56
Omega ratio: Gain probability vs. loss probability	0.94	1.01	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.47	0.02	-0.49
Martin ratio: Return relative to average drawdown	-0.99	0.04	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

X03G.DE vs. CBUS.DE - Sharpe Ratio Comparison

The current X03G.DE Sharpe Ratio is -0.37, which is lower than the CBUS.DE Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of X03G.DE and CBUS.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	X03G.DE	CBUS.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	0.01	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.49	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.12	-0.07

Drawdowns

X03G.DE vs. CBUS.DE - Drawdown Comparison

The maximum X03G.DE drawdown since its inception was -23.87%, which is greater than CBUS.DE's maximum drawdown of -12.79%. Use the drawdown chart below to compare losses from any high point for X03G.DE and CBUS.DE.

Drawdown Indicators

	X03G.DE	CBUS.DE	Difference
Max Drawdown Largest peak-to-trough decline	-23.87%	-12.79%	-11.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-5.66%	+2.77%
Max Drawdown (3Y) Largest decline over 3 years	-5.00%	-7.48%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-21.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.87%	—	—
Current Drawdown Current decline from peak	-19.28%	-7.94%	-11.34%
Average Drawdown Average peak-to-trough decline	-7.77%	-7.22%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	2.18%	-0.80%

Volatility

X03G.DE vs. CBUS.DE - Volatility Comparison

The current volatility for Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) is 1.43%, while iShares Core UK Gilts UCITS ETF (EUR Hedged) Dist (CBUS.DE) has a volatility of 2.39%. This indicates that X03G.DE experiences smaller price fluctuations and is considered to be less risky than CBUS.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	X03G.DE	CBUS.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	2.39%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	4.93%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	6.13%	-2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	8.34%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	8.34%	-3.19%

X03G.DE vs. CBUS.DE - Expense Ratio Comparison

X03G.DE has a 0.15% expense ratio, which is higher than CBUS.DE's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

X03G.DE vs. CBUS.DE - Dividend Comparison

X03G.DE has not paid dividends to shareholders, while CBUS.DE's dividend yield for the trailing twelve months is around 4.52%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBUS.DE iShares Core UK Gilts UCITS ETF (EUR Hedged) Dist	4.52%	4.23%	3.74%	2.40%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
X03G.DE Xtrackers II Germany Government Bond UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.33%

Frequently Asked Questions

Can I hold both X03G.DE and CBUS.DE in my portfolio?

X03G.DE and CBUS.DE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, X03G.DE or CBUS.DE?

On fees, CBUS.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, X03G.DE or CBUS.DE?

CBUS.DE is cheaper with a 0.09% expense ratio, compared with 0.15% for X03G.DE.

What is the main difference between X03G.DE and CBUS.DE?

X03G.DE tracks iBoxx® EUR Germany, while CBUS.DE tracks FTSE Actuaries UK Conventional Gilts All Stocks (EUR Hedged). They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for X03G.DE and 0.09% for CBUS.DE.